interestrateripoff Posted February 15, 2011 Share Posted February 15, 2011 http://www.bbc.co.uk/news/business-12460527 Eurozone finance ministers have agreed to set up a permanent bail-out fund for the region of 500bn euros (£420bn; $673.2bn).The fund, which will be called the European Stability Mechanism (ESM) will replace the current 440bn euro European Financial Stability Facility (EFSF). The EFSF was set up last year to provide support to eurozone countries. The agreement comes a month ahead of expectations, and is one of many decisions to be made on the fund. The new ESM will be part of a "comprehensive package" of measures European leaders are hoping to agree in late March to resolve the eurozone debt crisis that has overshadowed the region for the past year. The chairman of eurozone finance ministers, Jean-Claude Juncker, told a news conference: "We've already agreed on the volume of the lending capacity of the ESM. We've agreed on the amount of 500bn euros, and this will be subject to regular revision." So it's all contained and yet the European rescue fund has suddenly got 60bn euro larger. Quote Link to comment Share on other sites More sharing options...
Deckard Posted February 15, 2011 Share Posted February 15, 2011 Wow, that's unexpected Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted February 15, 2011 Share Posted February 15, 2011 So it's all contained and yet the European rescue fund has suddenly got 60bn euro larger. What's 60bn between friends? Just pleased it's all sorted now, for a minute there I thought the whole fiat money system was going up in smoke - phew. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted February 15, 2011 Share Posted February 15, 2011 But I thought they said it was contained? Why the need for Euros 500,000,000,000.00? Quote Link to comment Share on other sites More sharing options...
theonlywayisdown Posted February 15, 2011 Share Posted February 15, 2011 sign of the times when popular music culture is singing about being a billionaire, because a million aint that much anymore! Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted February 15, 2011 Share Posted February 15, 2011 So it's all contained and yet the European rescue fund has suddenly got 60bn euro larger. Well you can't argue that the container's gotten larger, that's for sure. Or* that the contents have gotten any more satisfying than the average Chinese takeaway, for that matter. (* scratch here to reveal hidden prize) Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted February 15, 2011 Author Share Posted February 15, 2011 I've had another thought perhaps they've increased the fund because of inflationary pressures? Quote Link to comment Share on other sites More sharing options...
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